Genesis Legacy Solutions (GLS), part of Maiden Holdings, Ltd. has agreed to provide a medical expense reimbursement cover for the Washington, DC cell of the Michigan based Mary Free Bed rehabilitation hospital (MFB).
This transaction will help to accomplish MFB’s goal of expanding its managed care services on behalf of workers compensation insurers and their injured claimants.
The reinsurance will also assist MFB in managing its exposure to adverse medical cost development as it expands in this sector.
MFB has a facility network that spans over 39 cities, and specializes in value-based rehabilitation and post-acute care.
President of MFB PCC, Bill Lape, said: “It was a pleasure working with the Genesis team who presented a number of reinsurance options to allow us to close our first bundled cost deal with an insured party. We believe this partnership will permit us to achieve our goal of being the premier provider of managed care services for insured’s complex cases.”
“We are delighted to have worked closely with Bill Lape and MFB to provide this cost reimbursement cover from our Vermont cell to assist in MFB’s expansion plans,” said CEO of GLS, Brian Johnston.
“We would also like to thank the Vermont Department of Financial Regulation for their professional and thorough review of this opportunity, as well as their quick turnaround in approving the transaction.”
Johnston also added that, “GLS is well positioned for continued success in 2022 with a robust pipeline of opportunities from a variety of sources.”